The rights to geological exploration at two gold mines in Uzbekistan’s Navoi region and one in the Akhangaran district of the Tashkent region were sold at online auctions over the past week, with final bids far surpassing the initial prices, official data shows.
The Temirchi gold mine, initially valued at UZS 4.1bn ($328,000), was sold for UZS 67.78bn ($5.4mn), marking a sixteen-fold increase from the starting price.
The Pirali gold mine attracted even greater competition. The auction, which began on the morning of August 20 and lasted 23 hours and 29 minutes, received 461 bids. The mine was ultimately purchased by NBK 111 for UZS 99.09bn ($7.9mn), or 24 times the starting price
According to the Unified State Register of Enterprises and Organizations, NBK 111 was registered in Tashkent in May 2024 and specializes in the mining of non-ferrous metal ores. The company’s authorized capital stands at UZS 1.005bn ($80,341). Ownership records show that 40% of the company belongs to Chinese citizen Zhang Qian, while 60% is held by Nurmahammad Pulatov.
Pulatov also controls a 90.7% stake in the Jizzakh-based glass producer Quwwatt Group and fully owns the electrical appliance manufacturer BEEK Electro, which shares the same contact number as Quwwatt Group.
A third deal was finalized on August 19, when the Terekli site, located 9.6 km southeast of Shaugaz village in Akhangaron district, was sold after a nearly 12-hour auction. Covering 65 hectares with estimated reserves of 2 tons of gold, the site was put up for sale with a starting price of UZS 4.12bn ($329,362). Following 377 bids, it was sold for UZS 81.79bn ($6.5mn), almost 20 times the initial valuation.
These transactions highlight growing investor appetite for Uzbekistan’s mining sector, where competition for deposits has been driving up auction prices.
It was previously reported that the Kumtor mine contains 261 tons of gold reserves, following recent exploration works that added 147.5 tons to its initial estimated reserves of 127 tons.
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